No medical exam life insurance is a popular option, especially for those wanting coverage later in life. While it often means smaller death benefits and higher premiums, the convenience of skipping a medical exam is appealing.
Many insurers offer this type of policy, making it crucial to find the best no exam life insurance options that balance age eligibility with coverage and costs. Some policies in the market cover individuals up to 85 years of age. It’s important to remember that even without a medical exam, these policies still require information about your health history.
Here are some of the top no-exam life insurance providers:
- Best term life policy: Ladder Life
- Best universal life policy: Corebridge Direct
- Best for seniors: AARP Life Insurance
- Best for military members: USAA Life Insurance
- Best for higher policy limits: Prudential Life Insurance
- Best for guaranteed acceptance: Mutual of Omaha Life Insurance
- Best for waiting period: AAA Life Insurance
No Exam Life Insurance Providers Details
Ethos Life
- Insider’s Rating: 4.37/5
- Perks: 100% online application, quotes in minutes; coverage starts immediately upon approval
- Cons: No conversion options to turn term policies to whole life.
Corebridge Direct
- Insider’s Rating: 4.25/5
- Perks: Guaranteed life insurance available for seniors aged 50 to 80; high financial strength and customer service ratings
- Cons: Some policies only have benefits up to $25,000; AIG may not offer more extensive death benefits for seniors.
Amica Life Insurance
- Insider’s Rating: 3.87/5
- Perks: Offers level term and whole life policy; discount and bundling opportunities; available in all 50 states.
- Cons: Limited add-on coverage options
Detailed Company Overviews
Ladder Life: Best No Exam Term Life Insurance
Ladder Life focuses exclusively on term life insurance, offering affordable options with 10- to 30-year terms; however, term options are limited for older customers. Applicants can get up to $3 million in coverage without a medical exam ($8 million with an exam). This company’s additional benefits are limited, such as no riders and conversion to whole life is not allowed. Ladder’s notable feature is its ‘laddering’ function, letting policyholders adjust death benefits and premiums as needed.
- Health questions: Yes
- Coverage limits: Up to $3 million (no exam), $8 million (with exam)
- Age: 20-60
- Unique feature: Adjustable death benefits and premiums
Corebridge Direct: Best No Exam Universal Life Insurance
Corebridge Direct offers various insurance products, including indexed universal life insurance policies. These policies often waive medical exams for coverage up to $2 million, available to applicants under 59 years old. These policies provide cash value growth based on indexing strategies, minimizing risk. Policyholders can use cash value through loans and withdrawals.
- Health questions: Yes
- Coverage limits: Up to $2 million without medical exam
- Age: 18-59
- Unique feature: Cash value grows according to four indexes.
AARP Life Insurance: Best No Exam Life Insurance for Seniors
AARP Life Insurance is a leading provider of insurance and financial products for seniors. AARP members between 50 and 74 can qualify. Term policies are available with limits up to $150,000 in most states. Whole life options are capped at $25,000. Whole life policies are issued without medical exams or health questions. Term policies may involve health questions.
- Health questions: For term life, not whole
- Coverage limits: Up to $150,000
- Age: 50-74
- Unique feature: Seniors-focused, no exam policy.
USAA Life Insurance: Best No Exam Life Insurance for Military Members
USAA Life Insurance serves military members and their families – however their services are available to anyone. They typically offer lower prices, high payouts, and strong customer service ratings. Guaranteed whole life policies are available in all states except Montana. Coverage ranges from $2,000 to $25,000 with no medical exam or questions. If higher coverage limits are desired, applicants can consider medical exam options through a licensed agent.
- Health questions: No
- Coverage limits: Up to $25,000
- Age: 45-85
- Unique feature: Below-market product costs for military and qualifying family.
Prudential Life Insurance: Best No Exam Life Insurance for Higher Policy Limits
Prudential Life Insurance offers term life policies with coverage up to $3 million. Those up to 60 years old are eligible with a short application that includes some medical questions. Conversion options may be available for younger applicants. However, higher limits may mean a longer application process.
- Health questions: Yes
- Coverage limits: Up to $3 million
- Age: 20-60
- Unique feature: High customer rankings and a trusted provider.
Mutual of Omaha Life Insurance: Best No Exam Life Insurance for Guaranteed Acceptance
Mutual of Omaha Life Insurance has strong financial stability ratings. Guaranteed life policies are available for those aged 45 to 85 (50-75 in New York). Policies can range from $2,000 to $25,000 with no exam or health questions. These policies have a graded death benefit, paying the premiums if the policyholder dies within two years. The website boasts same-day payouts on most policies.
- Health questions: No
- Coverage limits: Up to $25,000
- Age: 45-85 (50-75 in New York)
- Unique feature: Same-day payment claim process.
AAA Life Insurance: Best No Exam Life Insurance for Waiting Periods
AAA Life Insurance offers immediate death benefits to qualified applicants aged 18 to 75, meaning the full policy benefit is available immediately. Policies are available with limits from $25,000 up to $500,000. Health questions are asked, although a medical exam is not required. AAA offers term policies with limits as high as $500,000. For whole life, the cap is $25,000, but a rider can double the payout for accidental death. Applicants over 45 have a waiting period. For the first two years, AAA pays out 130% of the premiums paid.
- Health questions: Yes
- Coverage limits: Up to $500,000 term/$25,000 whole
- Age: 18-75
- Unique feature: Death benefit available regardless of the cause of death.
Types of No Medical Exam Life Insurance
Guaranteed Issue Life Insurance
Guaranteed issue life insurance has minimal applicant requirements and a simple underwriting process, offering quick approval. Despite high premiums and small death benefits—often enough to cover final expenses—it is often limited to those aged 50 and older.
Simplified Issue Life Insurance
Simplified issue life insurance offers a simplified underwriting process, allowing for quick coverage. Premiums are lower, and death benefits range higher than guaranteed issue policies. Applicants that may have moderate health conditions or wary of test outcomes turn towards this as an option. Some providers, however, implement graded death benefits.
How to Choose the Best No Medical Exam Life Insurance Company
Finding the right life insurance provider can be challenging. Consulting with friends, families, and review sites is a great first step but, additional factors – like age, medical history, and financial goals – should be factored into your final decision. Consulting with a qualified insurance professional can provide you with an in-depth numerical analysis helping you find the right policy.
Coverage Amount
The coverage amount is, unsurprisingly, an important factor when choosing a life insurance policy. The coverage you need will often depend on why you want life insurance in the first place. If covering final costs is the main goal, options are plentiful. However, if you have long-term goals in mind, you may want to consider other options. No exam life insurance options may present limited death benefits.
Premiums
Premiums are generally higher for these types of policies than others because applicants are usually high-risk and requirements are lower. Keep this in mind when you’re looking at quotes.
Customer Service
Customer reviews on sites like Trustpilot and the Better Business Bureau can be helpful when choosing an insurance company. Consider how helpful and responsive a company’s customer service is, and any issues with how they issue payouts.
Conclusion
Choosing no-exam life insurance can provide an important, but may create a difficult path for some individuals. While it’s essential to consider several factors, including coverage amount, premiums, and customer service when shopping for a life insurance company; these policies can ultimately make a difference in obtaining the benefits you need.
